GE Vernova (NYSE:GEV) Posts Quarterly Earnings Results, Misses Expectations By $0.17 EPS

GE Vernova (NYSE:GEV) posted its quarterly earnings results on Thursday. The company reported ($0.41) EPS for the quarter, missing the consensus estimate of ($0.24) by ($0.17), reports. The company had revenue of $7.26 billion during the quarter, compared to analysts’ expectations of $7.56 billion. GE Vernova updated its FY 2024 guidance to EPS.

GE Vernova Stock Performance

GE Vernova stock traded up $4.76 during midday trading on Friday, reaching $153.07. The company’s stock had a trading volume of 4,230,515 shares, compared to its average volume of 7,741,461. GE Vernova has a fifty-two week low of $115.00 and a fifty-two week high of $157.25.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on the company. Evercore ISI began coverage on GE Vernova in a report on Thursday, April 18th. They issued an “outperform” rating and a $174.00 price target for the company. Bank of America began coverage on GE Vernova in a research report on Wednesday. They issued a “neutral” rating and a $150.00 price objective for the company. Raymond James began coverage on GE Vernova in a research report on Wednesday, April 17th. They issued an “outperform” rating and a $160.00 price objective for the company. BNP Paribas initiated coverage on GE Vernova in a research report on Wednesday, April 17th. They issued an “outperform” rating and a $177.00 price objective for the company. Finally, Royal Bank of Canada restated an “outperform” rating and set a $160.00 price target on shares of GE Vernova in a research report on Friday, April 12th. Two investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $157.44.

Institutional Trading of GE Vernova

A number of hedge funds and other institutional investors have recently bought and sold shares of GEV. Anderson Hoagland & Co. acquired a new stake in GE Vernova in the first quarter valued at $1,720,000. Maryland State Retirement & Pension System acquired a new stake in GE Vernova in the first quarter valued at $2,892,000. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA acquired a new stake in GE Vernova in the first quarter valued at $478,000. Finally, Valeo Financial Advisors LLC acquired a new stake in GE Vernova in the first quarter valued at $673,000.

About GE Vernova

GE Vernova LLC, an energy business company, generates electricity. It operates under three segments: Power, Wind, and Electrification. The Power segments generates and sells electricity through hydro, gas, nuclear, and steam power. Wind segment engages in the manufacturing and sale of wind turbine blades; and Electrification segment provides grid solutions, power conversion, solar, and storage solutions.